Citizens Financial Group, Inc. $CFG Stock Acquired by Retirement Systems of Alabama

Key Points

• Retirement Systems of Alabama increased its Citizens Financial Group stake by 1,344.9% in the third quarter, ending the period with 1.28 million shares worth about $81.8 million. Institutional investors own 94.9% of the stock.
• Analysts maintain a “Moderate Buy” consensus, with an average price target of $76.79; 17 analysts rate the shares Buy and four rate them Hold.
• Citizens reported quarterly EPS of $1.41, topping the $1.39 consensus, while revenue fell short of estimates. The bank also raised its quarterly dividend to $0.52 per share from $0.46.

Retirement Systems of Alabama boosted its position in shares of Citizens Financial Group, Inc. (NYSE:CFG - Free Report) by 1,344.9% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,283,586 shares of the bank's stock after buying an additional 1,194,749 shares during the period. Retirement Systems of Alabama owned approximately 0.31% of Citizens Financial Group worth $81,841,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Bank of America Corp DE acquired a new position in Citizens Financial Group during the second quarter valued at approximately $223,386,000. Tidal Investments LLC lifted its stake in Citizens Financial Group by 12.4% during the second quarter. Tidal Investments LLC now owns 145,378 shares of the bank's stock worth $10,187,000 after purchasing an additional 16,000 shares during the last quarter. Freestone Grove Partners LP bought a new stake in Citizens Financial Group during the second quarter worth $95,642,000. Citizens Financial Group Inc. RI boosted its holdings in shares of Citizens Financial Group by 145.6% in the 3rd quarter. Citizens Financial Group Inc. RI now owns 773,677 shares of the bank's stock valued at $49,330,000 after purchasing an additional 458,698 shares in the last quarter. Finally, Sterling Investment Management LLC acquired a new stake in shares of Citizens Financial Group in the 3rd quarter valued at $2,164,000. 94.90% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several equities analysts have recently issued reports on CFG shares. TD Cowen initiated coverage on Citizens Financial Group in a research note on Thursday, October 8th. They issued a "buy" rating and a $75.00 price target on the stock. Barclays upped their price objective on Citizens Financial Group from $77.00 to $81.00 and gave the stock an "overweight" rating in a research report on Friday, July 17th. Jefferies Financial Group reduced their price objective on Citizens Financial Group from $90.00 to $80.00 and set a "buy" rating on the stock in a research note on Thursday, September 24th. UBS Group reduced their price objective on Citizens Financial Group from $82.00 to $77.00 and set a "buy" rating on the stock in a research note on Monday, October 5th. Finally, Citigroup decreased their target price on Citizens Financial Group from $84.00 to $74.00 and set a "buy" rating on the stock in a research report on Tuesday, October 20th. Seventeen investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $76.79.

Citizens Financial Group Stock Performance

NYSE:CFG opened at $65.27 on Tuesday. The stock has a market cap of $27.36 billion, a P/E ratio of 13.13, a price-to-earnings-growth ratio of 0.60 and a beta of 0.74. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.74. The stock's 50-day moving average is $65.78 and its 200-day moving average is $65.65. Citizens Financial Group, Inc. has a 1-year low of $49.00 and a 1-year high of $75.33.

Citizens Financial Group (NYSE:CFG - Get Free Report) last issued its quarterly earnings data on Friday, October 16th. The bank reported $1.41 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.39 by $0.02. Citizens Financial Group had a net margin of 18.07% and a return on equity of 9.52%. The business had revenue of $2.32 billion during the quarter, compared to analyst estimates of $2.34 billion. During the same quarter last year, the business earned $1.05 EPS. Equities research analysts anticipate that Citizens Financial Group, Inc. will post 5.30 earnings per share for the current year.

Citizens Financial Group Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 13th. Investors of record on Friday, October 30th will be issued a $0.52 dividend. The ex-dividend date is Friday, October 30th. This is a positive change from Citizens Financial Group's previous quarterly dividend of $0.46. This represents a $2.08 dividend on an annualized basis and a yield of 3.2%. Citizens Financial Group's dividend payout ratio (DPR) is currently 41.85%.

Citizens Financial Group Company Profile

Citizens Financial Group, Inc is a bank holding company headquartered in Providence, Rhode Island. Through Citizens Bank and related businesses, it provides retail and commercial banking services to individuals, businesses and institutions.

Its offerings include checking and savings accounts, mortgages, personal and business loans, credit cards, wealth management, and commercial lending and cash-management services. The company also provides capital markets and other financial services to corporate clients.

Citizens traces its history to High Street Bank, founded in Providence in 1828.

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